Latin Resources shares climb as drilling begins at Ancasti Lithium Project
Ancasti has a history of small scale lithium production.
Company
ASX:LRS
Latin Resources Limited (ASX: LRS) is an Australian-based mineral exploration company, with projects in South America and Australia, that is developing mineral projects in commodities that progress global efforts towards net zero emissions. The company is focused on its flagship Colina Lithium Project in the pro-mining district of Minas Gerais Brazil, where the company has defined a maiden mineral resource of 45.2 million tonnes at 1.32% lithium oxide, reported above a cut-off of 0.5% lithium oxide.
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Ancasti has a history of small scale lithium production.
Samples grading up to 4.46% lithium oxide were taken from drill targets.
Following the approval of the EIA it is proposed to start drilling immediately.
Latin Resources has received a Speculative Buy recommendation from PAC Partners.
Latin owns lithium projects in Argentina and copper projects in Peru.
Approvals are expected over the coming weeks with drilling expected to commence in December.
Latin Resources Ltd (ASX:LRS) has appointed Kerry Griffin as its exploration and development manager.
Chris Gale, managing director, commented: “We are very excited to have increased our lithium footprint into San Luis which we are confident will contribute to our aim of proving up significant lithium resources over the coming months.”
Latin Resources Ltd (ASX:LRS) has been granted seven mining tenements totalling over 70,000 hectares prospective for lithium in the province of Catamarca, Argentina.
The acquisition of the Ansotana project will firmly position LRS as a pre-eminent lithium hard rock exploration company in Argentina.
Recent rock chip sampling assays of 6.74% lithium and 6.97% lithium continue to show the potential of LRS’s exploration ground.
Two-thirds of the world’s lithium reserves are found in Chile, Bolivia and Argentina, in what is known as the ‘Lithium Triangle’.
Chris Gale, MD, commented: “This now allows high level technical exploration and drilling to start on the Pachamanca/MT-03 project by the First Quantum team in Peru. We are pleased that Latin will be free carried right through to a de
Applications for an addition 7,051 hectares of lithium exploration ground is further evidence of LRS executing on its strategy to acquire hard rock pegmatite concessions in Argentina.
Latin Resources and joint-venture partner Lepidico Limited have applied for 70,000 hectares of exploration tenements in Argentina. More than half of the world’s known lithium reserves are located in Argentina, Bolivia and Chile.
Latin Resources has received more support from sophisticated and professional investors in a capital raising to advance the company's renewed focus on lithium in South America.